Banking has changed tremendously over the past 30 years. Financial institutions once relied primarily on demographics, account balances, transaction histories, focus groups, and satisfaction surveys. In the digital age, there is significantly more data to consume and learn from.
What is Customer Journey Mapping in Banking?
At its foundation, journey mapping is documenting every step a customer takes when interacting with a bank, from the initial Google search to becoming a loyal advocate who brings in referrals.
The crucial element that many banks miss: it’s not just listing the steps. It’s capturing how customers feel at each step, what they’re trying to accomplish, where they get stuck, and where internal processes create unnecessary friction.
Why Banks Can’t Survive Without Journey Mapping in 2025
Your Competitors Aren’t Just Other Banks Anymore
Ten years ago, small local banks competed with each other and national banks. Whoever had the best mobile experience won. Now financial institutions are competing with fintech apps that make specific journeys remarkably simple.
The Cost of Customer Confusion is Skyrocketing
Analysis of support calls at a mid-sized credit union revealed that 61% of call volume came from just three confusing journeys in their mobile app. Each call cost approximately $6-8 to handle.
By redesigning those specific journeys based on actual customer behavior, they reduced call volume by 37% while improving their app store rating from 3.2 to 4.6 stars. The journey map paid for itself in under three months.
Organizational Silos Are Killing Customer Experience
In most banks, the credit card team, mortgage team, and checking account team operate in different universes. Each optimizes for their own metrics, but nobody optimizes across journeys.
Journey mapping forces cross-functional collaboration. When mapping the “financial difficulty” journey at a major retail bank, representatives from different departments have to work together. Building unified customer journey encourages your team to collaborate.
The Stages Every Banking Journey Map Should Include
After developing journey maps for numerous financial institutions, this framework provides the clearest view of the banking relationship:
1. Discovery:
This is where potential customers realize they need a financial product and start researching options. They might:
- Search for “best checking accounts” on Google
- Ask friends for recommendations
- See targeted ads on social media
- Drive past branch locations
2. Consideration:
During this phase, customers actively compare options, looking at:
- Bank websites (especially fee schedules and product comparisons)
- Review sites like NerdWallet or Credit Karma
- Social media comments
- Friends’ experiences
3. Application:
This is where intention converts to action. The customer decides to open an account, apply for a loan, or sign up for a service. This journey might include:
- Online application forms
- Identity verification steps
- Document uploads
- Initial funding processes
4. Onboarding:
Once approved, customers enter the critical onboarding phase:
- Setting up online banking
- Receiving and activating cards
- Setting up direct deposits or bill payments
- Learning to use core features
5. Everyday Banking:
This is where the relationship either strengthens or weakens through recurring interactions:
- Checking balances and making transactions
- Transferring money
- Depositing checks
- Contacting support for issues
6. Moment of Need:
These are high-stakes situations where customers need their bank to come through:
- Disputing fraudulent charges
- Managing a lost or stolen card
- Dealing with financial hardship
- Making a major purchase
7. Growth & Expansion:
As customers’ needs evolve, they may explore:
- Additional accounts or services
- Loans or credit cards
- Investment options
- Business services
8. Advocacy (or Departure):
Ultimately, customers either become advocates or leave:
- Recommending your bank to others
- Participating in referral programs
- Writing reviews
- Or… closing accounts and switching banks
Getting Started Today: First Steps
If you’re convinced that journey mapping could transform your bank’s experience, here are three practical first steps:
1. Experience Your Own Customer Journeys
Have your leadership team attempt to:
- Open a new account at your bank
- Apply for a loan
- Report a lost card
- Set up mobile banking for the first time
Document every step, screen, click, and minute spent. You’ll be surprised by what you discover.
2. Listen to Your Support Calls
Spend time listening to actual customer service calls. Note where customers are getting stuck and which journeys generate the most confusion.
3. Start Small and Build Momentum
Map one journey that matters. Make it better. Measure the impact. Use that success to get buy-in for mapping additional journeys.
Conclusion
The most powerful outcome of journey mapping isn’t more efficient processes or even higher satisfaction scores. It’s the shift in how bankers see their work. When you truly understand your customers’ journeys, their hopes, anxieties, frustrations, and moments of delight, you transform the way you approach banking.
You stop thinking about products and start thinking about people. You stop optimizing for internal metrics and start optimizing for customer outcomes. Ultimately, that’s what makes journey mapping worth the effort. It reminds us that banking isn’t really about money. It’s about helping people achieve their dreams, protect what matters, and build better futures. Getting there is a journey worth mapping. If you need help building the customer journey map in your bank, contact us today! We’ve helped hundreds of banks understand and optimize their customer experience.
